I cite from
http://finance.yahoo.com/expert/article/moneyhappy/137398

“By one estimate, 12 million homeowners — one in six — are underwater
on their mortgages. In 20 major metropolitan areas, home prices dropped an average 18 percent in November compared to the year-earlier period, according to the S&P/Case-Shiller Index, released earlier this week.”

Than let us start calculating
Let us assume a loan of US-$ 100 000 then we’d have
100000 * 12000000
1 200 000 000 000
that would be 1,2 Trillion Dollar.

We’ve not even touched the figures for the credti card debts in doubt. So we can not assume that any cent of it will be available from banks 1 by one. So we definitly need more money for the banks to “survive” this credit failouts. But again this just suggests that 700 Billion will just get burned without a trace and without easing the pain considerably.

Well again the Failout plan shows, it’s economic nonsense